UK Bank supports Vietnamese coffee producer

(VOV) -The UKStandard Chartered Bank and Tin Nghia Corporation in the southern province of Dong Nai have signed a credit agreement worth US$22 million to help this business boost coffee production and exports. Nirukt Sapru, Standard Chartered Bank (Vietnam Branch) General Director said the credit package aims to support Tin Nghia’s operations, showing business capability and cooperation between Tin Nghia and Standard Chartered Bank in the field of trade finance. Douglas Anthony Barners, UK Consul General in Ho Chi Minh City said that the signing of the credit agreement between Tin Nghia and Standard Chartered Bank will contribute to deepening the relationship and cooperation between businesses as well as the two peoples. Tin Nghia is listed as one of three major coffee exporters in Vietnam. In recent years, Tin Nghia exports an average of 100,000 tons of coffee per year, gaining more than US$200 million in export earnings. Apart from purchasing coffee from the domestic market, the corporation has heavily invested in Arabica coffee plantation in Laos with an area of up to 1,000 hectares. It is expected to build a processing plant applying wet processing technology.